Non-Life Insurers Report Strong Gross Direct Premium Income Growth In March: ICICI Securities
An insurance guide assists resident to sign up for a health insurance plan. (Photographer Andrew Harrer/Bloomberg)

Non-Life Insurers Report Strong Gross Direct Premium Income Growth In March: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Gross domestic premium income for non-life insurers grew 23% / 5.2% YoY in March 2021/FY21, of which, private players’ GDPI grew 32% / 8% YoY and that of their public sector undertaking counterparts grew 14% / 1.6% YoY, respectively.

We observe the following trends in non-life insurance premium -

1. Strong FY21 growth in health premiums (March -2021 remained strong for standalone health insurance),

2. rising Covid-19 related claims; however, they remain at manageable levels (claims worth $2 billion till March 31, 2021 have been received by insurance companies of which $1 billion has been settled); and

3. auto registrations are gradually improving.

Click on the attachment to read the full report:

ICICI Securities General Insurance Monthly .pdf

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